The document summarizes key highlights of the Union Budget 2014-2015 for direct and indirect taxes in India. For direct taxes, it outlines changes to income tax slabs and rates for individuals, senior citizens, companies and firms. It also discusses changes to deductions, exemptions and tax rates for capital gains and dividends. For indirect taxes, it summarizes changes to service tax rates and exemptions, and introduces service tax on radio taxis. It also discusses changes to interest rates on late payment of taxes.
This document provides highlights of the Union Budget 2014-2015 for India. Some key points include:
- The basic income tax exemption limit has been increased by Rs. 50,000. Tax rates remain unchanged.
- Deduction limits under Section 80C have been increased from Rs. 100,000 to Rs. 150,000.
- Service tax rate remains at 12% and is extended to new services like radio taxis.
- Exemptions under the mega exemption notification have been extended to some services and withdrawn from others.
- Changes have been made to provisions around interest on late payment of taxes, e-payment of service tax, and the reverse charge mechanism.
The document summarizes several proposed amendments to the Income Tax Act of India that were proposed in the 2012 Union Budget.
1) The threshold for mandatory tax audit and presumptive taxation was increased from 60 lakh rupees to 1 crore rupees to reduce compliance burden on small businesses.
2) Senior citizens without business income were exempted from paying advance tax to reduce their compliance burden.
3) The limit for deducting life insurance premium under section 80C was reduced from 20% to 10% of the sum assured for policies issued on or after April 1, 2012.
4) Tax deduction at source of 1% was introduced for transfer of immovable property other than agricultural
This document discusses tax deductions available to Indian manufacturing companies under Section 80JJAA for additional wages paid to new regular employees. Specifically:
1) Indian manufacturing companies can claim a tax deduction of 30% of additional wages paid to new regular employees for three consecutive years.
2) Additional wages refers to wages paid to new regular employees over 100, or over a 10% increase in regular employees from the previous year.
3) Only manufacturing or production companies qualify for this deduction - service companies like BPOs do not.
The document summarizes key direct tax proposals in the Union Budget 2015-16 of India. Some key points:
- Corporate tax rates will be reduced from 30% to 25% over the next four years. Royalty and technical fees for non-residents will be taxed at 10% instead of 25%.
- Tax deductions have been increased for medical expenditures, investments in pension plans, donations to certain funds.
- Measures are proposed to curb black money in real estate transactions by requiring payments over 20,000 rupees to be made via checks or electronic transfers.
- The implementation of GAAR has been deferred by two years and will now apply from FY 2017-18. Higher
This section provides a summary of deductions available under Section 80 of the Income Tax Act. Some key deductions include:
- Section 80C allows deduction up to Rs. 1.5 lakh for life insurance premiums, PPF contributions, tuition fees, housing loan repayments, and others.
- Section 80D allows deduction up to Rs. 25,000/year for medical insurance premiums.
- Section 80G allows a 50% deduction for donations to certain funds and institutions.
The document outlines various other deductions available under Section 80 related to pension funds, employment of new workers, offshore banking income, and more.
1) The document discusses income tax rules regarding salary income and other income sources in India. It provides an example of how to calculate total income and file an ITR-1 return for an individual named Mr. Dharmendra Singh.
2) The steps to file an ITR-1 return using web-based tax filing software are outlined, including adding personal details, filling income details under various heads, claiming deductions, and generating an XML file to e-file the return.
3) The software allows filling income from salary, house property, other sources, deductions, taxes paid and claimed refund in an automated manner and generates the ITR-1 filing which can then be e-filed via the software
This document discusses various tax deductions available under Sections 80C, 80CCC, 80CCD, 80GG, 80EE, and 80TTA of the Indian Income Tax Act. It provides details on the maximum deductions allowed, eligible investments and expenses, requirements that must be met to claim the deductions, and changes to the deductions for the financial years 2014-15 and 2015-16.
This document provides highlights of the Union Budget 2014-2015 for India. Some key points include:
- The basic income tax exemption limit has been increased by Rs. 50,000. Tax rates remain unchanged.
- Deduction limits under Section 80C have been increased from Rs. 100,000 to Rs. 150,000.
- Service tax rate remains at 12% and is extended to new services like radio taxis.
- Exemptions under the mega exemption notification have been extended to some services and withdrawn from others.
- Changes have been made to provisions around interest on late payment of taxes, e-payment of service tax, and the reverse charge mechanism.
The document summarizes several proposed amendments to the Income Tax Act of India that were proposed in the 2012 Union Budget.
1) The threshold for mandatory tax audit and presumptive taxation was increased from 60 lakh rupees to 1 crore rupees to reduce compliance burden on small businesses.
2) Senior citizens without business income were exempted from paying advance tax to reduce their compliance burden.
3) The limit for deducting life insurance premium under section 80C was reduced from 20% to 10% of the sum assured for policies issued on or after April 1, 2012.
4) Tax deduction at source of 1% was introduced for transfer of immovable property other than agricultural
This document discusses tax deductions available to Indian manufacturing companies under Section 80JJAA for additional wages paid to new regular employees. Specifically:
1) Indian manufacturing companies can claim a tax deduction of 30% of additional wages paid to new regular employees for three consecutive years.
2) Additional wages refers to wages paid to new regular employees over 100, or over a 10% increase in regular employees from the previous year.
3) Only manufacturing or production companies qualify for this deduction - service companies like BPOs do not.
The document summarizes key direct tax proposals in the Union Budget 2015-16 of India. Some key points:
- Corporate tax rates will be reduced from 30% to 25% over the next four years. Royalty and technical fees for non-residents will be taxed at 10% instead of 25%.
- Tax deductions have been increased for medical expenditures, investments in pension plans, donations to certain funds.
- Measures are proposed to curb black money in real estate transactions by requiring payments over 20,000 rupees to be made via checks or electronic transfers.
- The implementation of GAAR has been deferred by two years and will now apply from FY 2017-18. Higher
This section provides a summary of deductions available under Section 80 of the Income Tax Act. Some key deductions include:
- Section 80C allows deduction up to Rs. 1.5 lakh for life insurance premiums, PPF contributions, tuition fees, housing loan repayments, and others.
- Section 80D allows deduction up to Rs. 25,000/year for medical insurance premiums.
- Section 80G allows a 50% deduction for donations to certain funds and institutions.
The document outlines various other deductions available under Section 80 related to pension funds, employment of new workers, offshore banking income, and more.
1) The document discusses income tax rules regarding salary income and other income sources in India. It provides an example of how to calculate total income and file an ITR-1 return for an individual named Mr. Dharmendra Singh.
2) The steps to file an ITR-1 return using web-based tax filing software are outlined, including adding personal details, filling income details under various heads, claiming deductions, and generating an XML file to e-file the return.
3) The software allows filling income from salary, house property, other sources, deductions, taxes paid and claimed refund in an automated manner and generates the ITR-1 filing which can then be e-filed via the software
This document discusses various tax deductions available under Sections 80C, 80CCC, 80CCD, 80GG, 80EE, and 80TTA of the Indian Income Tax Act. It provides details on the maximum deductions allowed, eligible investments and expenses, requirements that must be met to claim the deductions, and changes to the deductions for the financial years 2014-15 and 2015-16.
This document discusses various tax deductions available under Sections 80C and 80D of the Indian Income Tax Act. Section 80C allows deductions up to Rs. 1.5 lakh for contributions to specified savings instruments like PPF, EPF, life insurance premiums, NPS, etc. Section 80D allows a deduction of up to Rs. 25,000 for health insurance premiums and Rs. 5,000 for medical checkups. The document provides details of the new income tax slabs introduced in the FY 2020-21 budget and explains how taxpayers can reduce their taxable income and tax liability by claiming deductions under Sections 80C and 80D.
Section 80G allows tax deductions for donations made to certain funds and charitable institutions. It allows deductions without any limit (no limit donations) as well as deductions with certain limits (with limit donations). No limit donations include donations to various government funds and select charitable institutions, and are eligible for a 100% or 50% tax deduction depending on the fund/institution. With limit donations include other charitable donations and are eligible for a 100% or 50% tax deduction subject to a limit of 10% of gross total income.
Presentation On Income Tax (A.Y. 2009 10 & 2010 11)Praveen Kumar
The document discusses various aspects of income tax in India including:
1) Residential status is determined based on the number of days spent in India or the control and management of an individual's/entity's affairs.
2) Gross total income includes income from all sources and deductions are provided to arrive at total income.
3) Income tax rates for individuals range from 10-30% depending on income slabs and tax benefits are provided to senior citizens and women.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to chargeability of Income from Sources other than Salary, House Property, Business or Profession and Capital Gains. In this Webinar, we will discuss the various incomes that are chargeable under the head 'Income From Other Sources' which covers Dividends, Gifts, Certain Interest, Advance money forfeited etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
This document provides information about taxation for salaried employees, pensioners, and senior citizens in India.
It discusses key topics like filing income tax returns, advance tax payment due dates, applicable tax rates, and forms to be used for filing returns. Specifically, it mentions that the due date for salaried employees to file their return is July 31 and the tax rates for FY 2012-13 are 10-30% with education cess of 3% for general individuals and reduced rates for senior citizens.
The document aims to help taxpayers understand their tax obligations and compliances in a concise manner.
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
The document summarizes key proposals in the Indian Budget 2013 relating to direct and indirect taxes. For direct taxes, it outlines changes such as increased surcharge rates for foreign companies, a new tax on commodities derivatives trading, increased royalty and technical fee rates, and incentives for manufacturing investments over $20 million. It also covers proposals relating to power sector incentives, dividend distributions, and taxation of alternative investment funds. For indirect taxes, it notes customs, excise, and service tax changes.
TK.3,000
individual
Maximum tax for any
Individual: TK.1,00,000
individual
Husband and wife: TK.2,00,000
Tax Rebate:
- 10% of tax payable or TK.10,000 whichever is lower for taxpayer who pays tax through
bank.
- 15% of tax payable or TK.15,000 whichever is lower for taxpayer who pays tax through
bank and has no other source of income except salary.
- 20% of tax payable or TK.20,000 whichever is lower for senior citizen of 65 years or above
who pays tax through bank
This document summarizes key provisions related to tax deducted at source (TDS) under the Indian Income Tax Act, including:
1) Sections related to TDS for salary (192), interest (193), dividends (194), rent (194I), professional fees (194J), and payments to contractors (194C).
2) The document outlines thresholds and exceptions for when TDS applies. For example, no TDS is required for dividends under Rs. 2,500 or interest under Rs. 5,000.
3) It discusses how the recipient can obtain a certificate for lower TDS rates under Section 197.
Dear All
Greetings
Union budget for FY 2019-20 was presented by Hon'ble Finance Minister Nirmala Sitharaman . As most of you are aware, this budget is unique being first budget after election in 2019
In our endeavor of providing Industry, Trade and Professionals with timely update on changes in direct tax laws with detail analysis of the change, we herewith have compiled all the budget updates with respect to various direct tax laws and the same has been attached herewith.
The document discusses taxation of salaries for employees. It notes that income from salaries includes basic pay, dearness allowance, commissions, bonuses, taxable allowances, perquisites, leave encashment, and contributions to retirement funds. It outlines the key allowances given to employees and the tax treatment of house rent allowance, special allowances as per section 10(14), and fully taxable allowances. The document provides guidance on calculating income from salaries and the exemptions available.
The document provides information about tax planning for salaried employees. It discusses the history of Indian taxation and outlines various forms of income under salary such as basic pay, allowances, bonus, perquisites, and retirement benefits. It examines tax treatment of different allowances like house rent allowance, entertainment allowance, transport allowance, and special allowances. The document also covers perquisites including rent-free accommodation, use of motor cars, reimbursement of medical expenses, and more. It provides details on calculating tax exemptions for various allowances and perquisites. Finally, it discusses some tax planning strategies like investing in a spouse's name, taking advantage of home loan tax benefits, and investing in Public Provident Fund.
Latest Updates And All Latest Issues Of Income Tax IndiaPraveen Kumar
Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
Assessment of firms under Income Tax Act, 1961cacentre
This document provides a quick reference guide on the assessment of firms and LLPs under the Indian Income Tax Act. It covers topics such as the residential status of firms, key features of firm assessment, conditions to be fulfilled under section 184, and the treatment of remuneration and interest paid to partners. The summary discusses that the firm will be taxed separately at a flat rate of 30%, the partner's share of income will be exempt, and remuneration/interest deductions are subject to certain restrictions and authorization in the partnership deed.
The document summarizes various tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It provides details of eligible investments and amounts for common deductions such as life insurance premiums (Section 80C), contribution to pension plans (Section 80CCC), medical insurance premiums (Section 80D), medical expenditures (Section 80DDB), education loans (Section 80E), and disability (Section 80U). The aggregate amount of deductions cannot exceed the taxpayer's gross total income.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
Income from salary, deductions and tax planning (2)Snigi1289
The document discusses taxation provisions for salaried employees in India. It outlines key requirements like mandatory income tax return filing. It details tax slabs and cess rates. It provides the due date for filing returns as July 31 every year. It discusses tax planning strategies like salary restructuring and investing in tax saving devices. It elaborates on various tax saving techniques available under sections like 80C, 80D, 80E, 80G, etc. that allow deductions and exemptions. Finally, it emphasizes the importance of filing returns for benefits like refund claims, loans, visas, and as income proof.
Canamax Energy - Consolidating Micro-caps, Exploiting High Quality AssetsCanamaxEnergy
Canamax Energy Ltd is engaged in the acquisition of microcaps, and the exploitation of assets, in the oil and gas sector. With a large number of microcaps in financial distress, the company has been able to complete a series of successful acquisitions in Alberta and Saskatchewan, Canada in 2013/14.
Due to the amount of high-quality, distressed assets at this time, we anticipate continued growth by acquisition, while we also build-out existing core areas and divest of assets that do not align with strategy.
Our highly experienced Management Team and Board of Directors has a strong track record of success in the oil and gas sector. We anticipate a capital shift back to the oil industry and are actively positioning the company for the industry rebound.
County Budget Forecast FY 2014 and FY 2015Fairfax County
County Budget Forecast FY2014 and FY 2015
Joint Meeting of the Fairfax County Board of Supervisors and the Fairfax County School Board
November 27, 2012
This document discusses various tax deductions available under Sections 80C and 80D of the Indian Income Tax Act. Section 80C allows deductions up to Rs. 1.5 lakh for contributions to specified savings instruments like PPF, EPF, life insurance premiums, NPS, etc. Section 80D allows a deduction of up to Rs. 25,000 for health insurance premiums and Rs. 5,000 for medical checkups. The document provides details of the new income tax slabs introduced in the FY 2020-21 budget and explains how taxpayers can reduce their taxable income and tax liability by claiming deductions under Sections 80C and 80D.
Section 80G allows tax deductions for donations made to certain funds and charitable institutions. It allows deductions without any limit (no limit donations) as well as deductions with certain limits (with limit donations). No limit donations include donations to various government funds and select charitable institutions, and are eligible for a 100% or 50% tax deduction depending on the fund/institution. With limit donations include other charitable donations and are eligible for a 100% or 50% tax deduction subject to a limit of 10% of gross total income.
Presentation On Income Tax (A.Y. 2009 10 & 2010 11)Praveen Kumar
The document discusses various aspects of income tax in India including:
1) Residential status is determined based on the number of days spent in India or the control and management of an individual's/entity's affairs.
2) Gross total income includes income from all sources and deductions are provided to arrive at total income.
3) Income tax rates for individuals range from 10-30% depending on income slabs and tax benefits are provided to senior citizens and women.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to chargeability of Income from Sources other than Salary, House Property, Business or Profession and Capital Gains. In this Webinar, we will discuss the various incomes that are chargeable under the head 'Income From Other Sources' which covers Dividends, Gifts, Certain Interest, Advance money forfeited etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
This document provides information about taxation for salaried employees, pensioners, and senior citizens in India.
It discusses key topics like filing income tax returns, advance tax payment due dates, applicable tax rates, and forms to be used for filing returns. Specifically, it mentions that the due date for salaried employees to file their return is July 31 and the tax rates for FY 2012-13 are 10-30% with education cess of 3% for general individuals and reduced rates for senior citizens.
The document aims to help taxpayers understand their tax obligations and compliances in a concise manner.
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
The document summarizes key proposals in the Indian Budget 2013 relating to direct and indirect taxes. For direct taxes, it outlines changes such as increased surcharge rates for foreign companies, a new tax on commodities derivatives trading, increased royalty and technical fee rates, and incentives for manufacturing investments over $20 million. It also covers proposals relating to power sector incentives, dividend distributions, and taxation of alternative investment funds. For indirect taxes, it notes customs, excise, and service tax changes.
TK.3,000
individual
Maximum tax for any
Individual: TK.1,00,000
individual
Husband and wife: TK.2,00,000
Tax Rebate:
- 10% of tax payable or TK.10,000 whichever is lower for taxpayer who pays tax through
bank.
- 15% of tax payable or TK.15,000 whichever is lower for taxpayer who pays tax through
bank and has no other source of income except salary.
- 20% of tax payable or TK.20,000 whichever is lower for senior citizen of 65 years or above
who pays tax through bank
This document summarizes key provisions related to tax deducted at source (TDS) under the Indian Income Tax Act, including:
1) Sections related to TDS for salary (192), interest (193), dividends (194), rent (194I), professional fees (194J), and payments to contractors (194C).
2) The document outlines thresholds and exceptions for when TDS applies. For example, no TDS is required for dividends under Rs. 2,500 or interest under Rs. 5,000.
3) It discusses how the recipient can obtain a certificate for lower TDS rates under Section 197.
Dear All
Greetings
Union budget for FY 2019-20 was presented by Hon'ble Finance Minister Nirmala Sitharaman . As most of you are aware, this budget is unique being first budget after election in 2019
In our endeavor of providing Industry, Trade and Professionals with timely update on changes in direct tax laws with detail analysis of the change, we herewith have compiled all the budget updates with respect to various direct tax laws and the same has been attached herewith.
The document discusses taxation of salaries for employees. It notes that income from salaries includes basic pay, dearness allowance, commissions, bonuses, taxable allowances, perquisites, leave encashment, and contributions to retirement funds. It outlines the key allowances given to employees and the tax treatment of house rent allowance, special allowances as per section 10(14), and fully taxable allowances. The document provides guidance on calculating income from salaries and the exemptions available.
The document provides information about tax planning for salaried employees. It discusses the history of Indian taxation and outlines various forms of income under salary such as basic pay, allowances, bonus, perquisites, and retirement benefits. It examines tax treatment of different allowances like house rent allowance, entertainment allowance, transport allowance, and special allowances. The document also covers perquisites including rent-free accommodation, use of motor cars, reimbursement of medical expenses, and more. It provides details on calculating tax exemptions for various allowances and perquisites. Finally, it discusses some tax planning strategies like investing in a spouse's name, taking advantage of home loan tax benefits, and investing in Public Provident Fund.
Latest Updates And All Latest Issues Of Income Tax IndiaPraveen Kumar
Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
Assessment of firms under Income Tax Act, 1961cacentre
This document provides a quick reference guide on the assessment of firms and LLPs under the Indian Income Tax Act. It covers topics such as the residential status of firms, key features of firm assessment, conditions to be fulfilled under section 184, and the treatment of remuneration and interest paid to partners. The summary discusses that the firm will be taxed separately at a flat rate of 30%, the partner's share of income will be exempt, and remuneration/interest deductions are subject to certain restrictions and authorization in the partnership deed.
The document summarizes various tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It provides details of eligible investments and amounts for common deductions such as life insurance premiums (Section 80C), contribution to pension plans (Section 80CCC), medical insurance premiums (Section 80D), medical expenditures (Section 80DDB), education loans (Section 80E), and disability (Section 80U). The aggregate amount of deductions cannot exceed the taxpayer's gross total income.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
Income from salary, deductions and tax planning (2)Snigi1289
The document discusses taxation provisions for salaried employees in India. It outlines key requirements like mandatory income tax return filing. It details tax slabs and cess rates. It provides the due date for filing returns as July 31 every year. It discusses tax planning strategies like salary restructuring and investing in tax saving devices. It elaborates on various tax saving techniques available under sections like 80C, 80D, 80E, 80G, etc. that allow deductions and exemptions. Finally, it emphasizes the importance of filing returns for benefits like refund claims, loans, visas, and as income proof.
Canamax Energy - Consolidating Micro-caps, Exploiting High Quality AssetsCanamaxEnergy
Canamax Energy Ltd is engaged in the acquisition of microcaps, and the exploitation of assets, in the oil and gas sector. With a large number of microcaps in financial distress, the company has been able to complete a series of successful acquisitions in Alberta and Saskatchewan, Canada in 2013/14.
Due to the amount of high-quality, distressed assets at this time, we anticipate continued growth by acquisition, while we also build-out existing core areas and divest of assets that do not align with strategy.
Our highly experienced Management Team and Board of Directors has a strong track record of success in the oil and gas sector. We anticipate a capital shift back to the oil industry and are actively positioning the company for the industry rebound.
County Budget Forecast FY 2014 and FY 2015Fairfax County
County Budget Forecast FY2014 and FY 2015
Joint Meeting of the Fairfax County Board of Supervisors and the Fairfax County School Board
November 27, 2012
This presentation provides an executive summary of Premier Oil's performance and outlook:
1. Premier is delivering on its short-term targets of above-budget production and lower costs, while progressing major projects like Solan and Catcher on schedule.
2. The company is focused on debt reduction through strong cash flow from lower-cost production and hedging benefits over the next two years.
3. Premier is advancing its key growth projects of Solan, Catcher and Sea Lion, with first oil from Solan expected by year-end and from Catcher in 2017.
Union Budget 2014-2015 presented by Finance Minister P. Chidambaram on February 17, 2014. Key highlights include no change in income tax rates, excise duty cuts on cars, appliances, and capital goods, and increased allocations to rural employment, child development, and infrastructure programs. The budget aims to stimulate growth while addressing issues like poverty, health, and sanitation. However, it may face challenges from corruption and lack of proper management.
The Congressional Budget Office briefing presented by Director Keith Hall provided an update to the budget and economic outlook from 2015 to 2025. The briefing included projections for the federal budget deficit and debt levels, revenues and outlays by major categories, and the economic outlook with projections for GDP growth, unemployment, inflation, and interest rates over the period. The full report with more details can be found at the provided URL.
The document summarizes the impact of the Indian budget proposals for 2011 on the hotel industry. It notes that while foreign tourism decreased in 2010, growth increased due to major events. The budget allows 100% FDI in hotels and aims to boost infrastructure. However, increasing service taxes on air travel and luxury hotel rooms by 5-25% will likely force hotels to pass the burden on to consumers. While the Taj Hotel chain saw a 10.8% revenue increase, profit declined by 4.6% due to higher costs; a new hotel opening helped increase profits by 29%. Overall, the budget had some negative effects but industry growth is expected if infrastructure targets are met.
1) The document presents the 2009 budget and marketing plan for a hotel in Ho Chi Minh City, Vietnam.
2) It includes segments of corporate meetings and incentives groups as target markets and analyzes strengths, weaknesses, opportunities and threats.
3) Financial projections show total revenue of $20.6 million with most coming from food and beverage (47.6%) and rooms (43.7%), and budgets are presented for rooms, F&B, manpower, break even analysis and cash flow.
This document outlines the plans and budget for a faculty/department for 2008. It includes a summary of the 2007 financial performance and the requested 2008 budget. It discusses key activities from 2007, performance based on financial, customer, internal process, and learning and growth perspectives. It identifies the vision, mission, SWOT analysis, and strategies, objectives, KPIs and initiatives for 2008. Finally, it includes the proposed operating and capital budgets for 2008.
The document provides information on India's oil and gas sector:
- India is the world's fourth largest energy consumer and fourth largest LNG importer. It is also the second largest refiner in Asia.
- Demand for energy in India is projected to nearly triple by 2035 due to rapid economic and population growth.
- State-owned companies dominate upstream exploration and production as well as midstream transportation, however private companies have a growing role in refining and marketing.
- India relies heavily on imports to meet its oil demand but is taking steps to increase domestic production.
The document summarizes key highlights from India's 2010-2011 budget related to indirect taxes, direct taxes, deductions and exemptions, and tax rates. Some key points include:
- Service tax rate remained unchanged at 10% but new services were taxed, while some services were excluded.
- Income tax slabs and exemption limits for individuals remained largely unchanged. Surcharge on personal income tax was removed.
- Corporate tax rate remained at 30% for domestic companies. MAT was increased to 18% and surcharge reduced to 7.5% for companies with income over Rs. 1 Crore.
- Deductions were introduced or increased for infrastructure bonds, health insurance, and research and development expenditures.
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
The document provides highlights of key changes in direct taxes in the Indian Budget 2016-2017. Some key points include:
- The income tax rates and slabs for individuals, senior citizens, domestic companies, foreign companies, and firms remain largely unchanged.
- The basic exemption limit for individuals is unchanged, but the rebate under section 87A has increased from Rs. 2,000 to Rs. 5,000 for income less than Rs. 5 lakhs.
- Surcharge rates have increased for individuals with income over Rs. 1 crore and domestic companies with income over Rs. 10 crores.
- New provisions introduce tax benefits for newly setup domestic manufacturing companies and eligible startups.
Budget highlights - V. K. Subramani. - Article published in Business Advisor, dated July 25, 2014 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document summarizes key proposals from the Indian Union Budget 2018-19. Some highlights include:
- Long term capital gains tax of 10% introduced for gains over Rs. 1 lakh from sale of equity shares.
- Standard deduction of Rs. 40,000 introduced for salary income.
- Tax benefits for startups extended and eligibility criteria expanded.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
- Several goods and services brought under lower GST rates of 5%, 12%, and 18%.
1 highlights of income tax provisions in budget 2018Subramanya Bhat
The document summarizes key changes to India's income tax provisions in the 2018 budget. Some key points:
- Long-term capital gains (LTCG) over Rs. 1 lakh from listed equity shares will now be taxed at 10%. All LTCG until January 31, 2018 will be exempt.
- Standard deduction of Rs. 40,000 introduced for salaried employees in lieu of transport/medical exemptions.
- Deduction limits for senior citizens increased for interest income, health insurance premiums, and medical expenditure.
- Corporate tax rate reduced to 25% for domestic companies with turnover up to Rs. 250 crores.
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
This document provides a summary of key proposals in the Indian Budget 2014-2015 relating to direct taxes, transfer pricing, international taxation, indirect taxes, and other proposals. Some of the key points included are:
- No change in individual or corporate tax rates. Basic exemption limit increased for individuals and senior citizens. Deductions under section 80C and for housing loans increased.
- New investment allowance introduced for manufacturing companies investing over Rs. 25 crores.
- Changes introduced to alternate minimum tax calculations and restrictions on certain expense disallowances.
- Presumptive taxation amounts increased for certain businesses.
- Clarifications provided on taxation of foreign dividends, CSR contributions, and trading losses for
The document provides a summary of key direct tax proposals in India's Union Budget 2017-18, including reductions in individual income tax rates for those earning up to Rs. 5 lacs, introduction of surcharges for higher income individuals and corporations, penalties for late filing of tax returns and furnishing incorrect information by professionals, changes to long term capital gains rules and housing provisions, and measures to promote digital payments and increase tax transparency in electoral funding.
VGGlobal highlights of finance budget 2013Jatin Gupta
ü The document summarizes key proposals in the Finance Budget 2013-14 related to direct taxes (income tax and wealth tax) and indirect taxes (custom duty, excise duty, and service tax).
ü Some key income tax proposals include introducing a 10% surcharge for high income individuals/entities, increasing the surcharge rate for companies, and providing tax benefits for investments in housing and equity savings schemes.
ü Customs duty rates were increased for certain goods like cars and motorcycles, while reduced for items like agricultural products, metals, and capital goods. Duty structures were also amended for various sectors.
The document summarizes key points from the Union Budget of India for 2015, including:
- No change in personal or corporate income tax rates. A surcharge of 12% will be levied on incomes over 1 crore INR.
- Measures to curb black money include prohibiting cash transactions over 20,000 INR for immovable property.
- Job creation incentives like deferring the General Anti-Avoidance Rule, tax benefits for REITs/InvITs, and incentives for manufacturing in AP and Telangana.
- Improving ease of doing business by modifying indirect transfer tax provisions and raising the threshold for transfer pricing.
- Benefits for individual taxpayers like raising
The document summarizes key changes in India's personal and corporate tax codes for 2016. For individuals, the surcharge rate was increased, dividend income over 1 million rupees is now taxable, and tax rebates and deductions for house rent, home loans, and capital gains were increased. Corporate tax rates were reduced for small companies and new manufacturing companies. Presumptive taxation and tax incentives for employment were introduced for small businesses and professionals. A one-time income declaration scheme allows the disclosure of previously undisclosed income by paying tax at 45%. Transfer pricing documentation requirements were expanded.
The document summarizes key changes in India's Budget 2013-2014 for direct taxes. Some key points include:
1) Income tax rates remain unchanged for companies and individuals but surcharge rates were increased for higher income levels.
2) No change in personal income tax slabs but a Rs. 2000 tax credit for those earning up to Rs. 5 lacs.
3) New deductions for first-time home buyers and life insurance policies for certain medical conditions.
4) General anti-avoidance rules will take effect from 2016-17 to curb abusive tax avoidance.
The document summarizes key amendments made in the Finance Act 2011 relating to income tax slabs, deductions, exemptions, and tax rates. Some key points include:
- The income tax slabs for individual/HUF taxpayers were increased from Rs. 1,60,000 to Rs. 1,80,000 providing a tax benefit of Rs. 2060.
- The age limit for senior citizens for income tax purposes was reduced from 65 to 60 years and further classified into two categories based on age.
- Deductions under section 80C, 80CCC, and 80CCD were amended and the contribution made under section 80CCD was excluded from the overall deduction limit of Rs. 1,
UN WOD 2024 will take us on a journey of discovery through the ocean's vastness, tapping into the wisdom and expertise of global policy-makers, scientists, managers, thought leaders, and artists to awaken new depths of understanding, compassion, collaboration and commitment for the ocean and all it sustains. The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Combined Illegal, Unregulated and Unreported (IUU) Vessel List.Christina Parmionova
The best available, up-to-date information on all fishing and related vessels that appear on the illegal, unregulated, and unreported (IUU) fishing vessel lists published by Regional Fisheries Management Organisations (RFMOs) and related organisations. The aim of the site is to improve the effectiveness of the original IUU lists as a tool for a wide variety of stakeholders to better understand and combat illegal fishing and broader fisheries crime.
To date, the following regional organisations maintain or share lists of vessels that have been found to carry out or support IUU fishing within their own or adjacent convention areas and/or species of competence:
Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)
Commission for the Conservation of Southern Bluefin Tuna (CCSBT)
General Fisheries Commission for the Mediterranean (GFCM)
Inter-American Tropical Tuna Commission (IATTC)
International Commission for the Conservation of Atlantic Tunas (ICCAT)
Indian Ocean Tuna Commission (IOTC)
Northwest Atlantic Fisheries Organisation (NAFO)
North East Atlantic Fisheries Commission (NEAFC)
North Pacific Fisheries Commission (NPFC)
South East Atlantic Fisheries Organisation (SEAFO)
South Pacific Regional Fisheries Management Organisation (SPRFMO)
Southern Indian Ocean Fisheries Agreement (SIOFA)
Western and Central Pacific Fisheries Commission (WCPFC)
The Combined IUU Fishing Vessel List merges all these sources into one list that provides a single reference point to identify whether a vessel is currently IUU listed. Vessels that have been IUU listed in the past and subsequently delisted (for example because of a change in ownership, or because the vessel is no longer in service) are also retained on the site, so that the site contains a full historic record of IUU listed fishing vessels.
Unlike the IUU lists published on individual RFMO websites, which may update vessel details infrequently or not at all, the Combined IUU Fishing Vessel List is kept up to date with the best available information regarding changes to vessel identity, flag state, ownership, location, and operations.
AHMR is an interdisciplinary peer-reviewed online journal created to encourage and facilitate the study of all aspects (socio-economic, political, legislative and developmental) of Human Mobility in Africa. Through the publication of original research, policy discussions and evidence research papers AHMR provides a comprehensive forum devoted exclusively to the analysis of contemporaneous trends, migration patterns and some of the most important migration-related issues.
A Guide to AI for Smarter Nonprofits - Dr. Cori Faklaris, UNC CharlotteCori Faklaris
Working with data is a challenge for many organizations. Nonprofits in particular may need to collect and analyze sensitive, incomplete, and/or biased historical data about people. In this talk, Dr. Cori Faklaris of UNC Charlotte provides an overview of current AI capabilities and weaknesses to consider when integrating current AI technologies into the data workflow. The talk is organized around three takeaways: (1) For better or sometimes worse, AI provides you with “infinite interns.” (2) Give people permission & guardrails to learn what works with these “interns” and what doesn’t. (3) Create a roadmap for adding in more AI to assist nonprofit work, along with strategies for bias mitigation.
United Nations World Oceans Day 2024; June 8th " Awaken new dephts".Christina Parmionova
The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Contributi dei parlamentari del PD - Contributi L. 3/2019Partito democratico
DI SEGUITO SONO PUBBLICATI, AI SENSI DELL'ART. 11 DELLA LEGGE N. 3/2019, GLI IMPORTI RICEVUTI DALL'ENTRATA IN VIGORE DELLA SUDDETTA NORMA (31/01/2019) E FINO AL MESE SOLARE ANTECEDENTE QUELLO DELLA PUBBLICAZIONE SUL PRESENTE SITO
About Potato, The scientific name of the plant is Solanum tuberosum (L).Christina Parmionova
The potato is a starchy root vegetable native to the Americas that is consumed as a staple food in many parts of the world. Potatoes are tubers of the plant Solanum tuberosum, a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United States to southern Chile
Synopsis (short abstract) In December 2023, the UN General Assembly proclaimed 30 May as the International Day of Potato.
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2. DIRECT TAXES
Individual
Basic exemption limit for men, women and HUF resident in India
increased by Rs. 50,000.
There is no change in the rate of income tax, surcharge , education and
SHE cess. The rates for AY 2015-16 will remain the same as in AY 2014-
15.
Surcharge: The amount of Income-Tax computed as above, shall be
increased by surcharge @ 10% of such Income-Tax in the case, the
person has taxable income exceeding Rs.1 Crore.
Cess: 3% cess on tax in all cases
3. Individual
Rebate: The rebate under Section 87A inserted by Finance Act, 2013
being Rs. 2,000/- for individual resident assessee, whose Taxable Income
does not exceed Rs. 5,00,000/- to continue.
Deduction u/s 80C – The limit of investments eligible for deduction
under section 80C has been increased from Rs. 1,00,000/- to Rs.
1,50,000/-.
Investment cap in Public Provident Fund increased from Rs. 1,00,000/- to
Rs. 1,50,000/-.
4. Income tax slabs for individual
(Male/Female)/HUF taxpayers:
Income slab
(AY 2014-15)
Income slab
(AY 2015-16)
Rates of Income
Tax
Upto Rs. 2,00,000 Upto Rs. 2,50,000 Nil
Rs. 2,00,001 to Rs. 5,00,000 Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs.
10,00,000
Rs. 5,00,001 to Rs.
10,00,000
20%
Above Rs. 10,00,000 Above Rs. 10,00,000 30%
5. Income tax slabs for senior citizens:
Age Group
60-80yrs
Age Group
80yrs and above
Rates of Income
Tax
Upto Rs. 3,00,000 Upto Rs. 5,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs.
10,00,000
Rs. 5,00,001 to Rs.
10,00,000
20%
Above Rs. 10,00,000 Above Rs. 10,00,000 30%
6. Capital Gains
That the rollover relief under the section 54(1) where capital gains arises from
transfer of a residential house (long-term) and 54F(1) where capital gains arises from
transfer of a long-term capital asset, not being a residential house, is available if the
investment is made in only one residential house that is situated in India.
That the investment made by an assessee in the long-term specified asset u/s 54EC,
out of capital gains arising from transfer of one or more original asset, during the
financial year in which the original asset or assets are transferred and in the
subsequent financial year does not exceed fifty lakh rupees.
Amendments effective from 10th July, 2014.
An unlisted security and a unit of a mutual fund (other than an equity oriented mutual
fund) shall be a short-term capital asset if it is held for not more than thirty-six
months.
The capital gains arising on transfer of mutual funds other than equity-oriented funds
to be taxes at 20% instead of the current concessional rate of 10%.
7. Domestic Companies
The income tax rate for firms remains unchanged at 30%.
Education Cess : 2% Secondary and Higher Education Cess: 1%.
Expenditure on Corporate Social Responsibility (CSR) made, wherever applicable,
being in the nature of application of income, not to be allowed as deduction.
Trading in shares by a company shall not be deemed as speculation business for the
purpose of Section 73.
8. Domestic Companies
Section 115-O of the Act provides that a domestic company shall be liable for payment
of additional tax at the rate of 15 percent on any amount declared, distributed or paid
by way of dividends to its shareholders. Section 115-R of the Act similarly provides for
levy of additional income-tax in respect of income distributed by the mutual funds to its
investors at the rates provided.
To ensure that tax is levied on proper base, the amount of distributable income and the
dividends which are actually received by the unit holder of mutual fund or shareholders
of the domestic company need to be grossed up for the purpose of computing the
additional tax.
Dividend Amount distributed
Increase by Rs. 15 [i.e. (85*0.15)/ (1‐0.15)]
Rs. 85
Increased amount Rs.100
DDT @ 15% of Rs. 100 Rs. 15
Tax payable u/s 115‐O is Rs.15
Dividend distributed to shareholders Rs.85
9. Foreign Companies
The income tax rates remain unchanged at 40%
Surcharge: 2%.
Education Cess : 2% Secondary and Higher Education Cess: 1%
10. Firms
The income tax rate for firms remains unchanged at 30%.
Education Cess : 2% Secondary and Higher Education Cess: 1%.
11. Limited Liability Partnership
The income tax rate for firms remains unchanged at 30%.
Education Cess : 2% Secondary and Higher Education Cess: 1%.
12. Trusts
Explanation added to Section 10(23C) to clarify that a university or other educational
institution, hospital or other institution shall be considered as being substantially
financed by the Government if the Government grant to a university or other
educational institution, hospital or other institution during the relevant previous year
exceeds a percentage (to be prescribed) of the total receipts (including any voluntary
contributions), of such university or other educational institution, hospital or other
institution.
Where a trust or an institution has been granted registration for purposes of availing
exemption under section 11, and the registration is in force for a previous year, then
such trust or institution cannot claim any exemption under any provision of section 10
[other than that relating to exemption of agricultural income and income exempt
under section 10(23C)]. Similarly, entities which have been approved or notified for
claiming benefit of exemption under section 10(23C) would not be entitled to claim
any benefit of exemption under other provisions of section 10 (except the exemption
in respect of agricultural income).
Income for the purposes of application shall be determined without any deduction or
allowance by way of depreciation or otherwise in respect of any asset, acquisition of
which has been claimed as an application of income under these sections in the
same or any other previous year.
13. Trusts
In case where a trust or institution has been granted registration under section 12AA
of the Act, the benefit of sections 11 and 12 shall be available in respect of any
income derived from property held under trust in any assessment proceeding for an
earlier assessment year which is pending before the Assessing Officer as on the date
of such registration, if the objects and activities of such trust or institution in the
relevant earlier assessment year are the same as those on the basis of which such
registration has been granted.
No action for reopening of an assessment under section 147 shall be taken by the
Assessing Officer in the case of such trust or institution for any assessment year
preceding the first assessment year for which the registration applies, merely for the
reason that such trust or institution has not obtained the registration under section
12AA for the said assessment year.
However, the above benefits would not be available in case of any trust or institution
which at any time had applied for registration and the same was refused under
section 12AA or a registration once granted was cancelled.
14. Alternate Minimum Tax
The existing provisions of section 115JC of the Act provide that where the regular
income tax payable by a person, other than a company, for a previous year is less
than the alternate minimum tax for such previous year, the person would be required
to pay income tax at the rate of eighteen and one half per cent on its adjusted total
income. The section further provides that the total income shall be increased by
deductions claimed under Part C of Chapter VI-A and deductions claimed under
section 10AA to arrive at adjusted total income.
Under the Act, the investment linked deductions have been provided in place of profit
linked deductions. These profit linked deductions are subject to alternate minimum
tax (AMT). Accordingly, with a view to include the investment linked deduction
claimed under section 35AD in computing adjusted total income for the purpose of
calculating alternate minimum tax, it is proposed to amend the section so as to
provide that total income shall be increased by the deduction claimed under section
35AD for purpose of computation of adjusted total income. The amount of
depreciation allowable under section 32 shall, however, be reduced in computing the
adjusted total income.
These amendments will take effect from 1st April, 2015 and will, accordingly, apply in
relation to the assessment year 2015-16 and subsequent assessment years.
15. Deductions and Exemptions
Deduction u/s 80C - The limit of investments eligible for deduction under section 80C has been
increased from Rs. 1,00,000/- to Rs. 1,50,000/-.
Investment cap in Public Provident Fund increased from Rs. 1,00,000/- to Rs. 1,50,000/-.
Deduction limit on account of interest on loan u/s 24(b) in respect of self occupied house property
raised from Rs. 1.5 lakh to Rs. 2 lakh.
Investment allowance at the rate of 15 percent to a manufacturing company that invests more
than Rs. 25 crore in any year in new plant and machinery. The benefit to be available for three
years i.e. for investments upto 31.03.2017.
Investment linked deduction extended to two new sectors, namely, slurry pipelines for the
transportation of iron ore, and semi-conductor wafer fabrication manufacturing units.
10 year tax holiday extended to the undertakings which begin generation, distribution and
transmission of power by 31.03.2017.
16. In case of non deduction of tax on payments, 30% of such payments will be
disallowed instead of 100 percent.
The concessional rate of TDS u/s 194LC on interest paid on borrowing in foreign
currency extended from 30.06/2015 to 30.06.2017. Tax incentive extended to all
types of bonds instead of only infrastructure bonds.
Tax Deduction at Source/ Tax
Collection at Source
17. Income arising to foreign portfolio investors from transaction in securities to be
treated as capital gains.
Concessional rate of 15 percent on foreign dividends without any sunset date to be
continued.
Any sum of money, received as an advance or otherwise in the course of
negotiations for transfer of a capital asset to be taxed under the head Income from
Other Sources if such sum is forfeiter or the negotiations do not result in transfer of
such capital asset.
Eligible transaction in respect of trading in commodity derivatives carried out in a
recognised association and chargeable to commodities transaction tax under Chapter
VII of the Finance Act, 2013 shall not be considered to be a speculative transaction.
General
18. INDIRECT TAXES
SERVICE TAX
Service tax rate retained at 12%.
Amendment in existing services:
Service tax leviable currently on sale of space or time for advertisements in broadcast media,
namely radio or television, has been extended to cover such sales on other segments like
online and mobile advertising. Sale of space for advertisements in print media, however,
would remain excluded from service tax. Print media is being defined in service tax law for
the purpose. This change will come into effect from a date to be notified later, after the
Finance (No.2) Bill, 2014 receives the assent of the President.
New Services Taxed:
Service tax is proposed to be levied on services provided by radio taxis or radio cabs,
whether or not air-conditioned [section 66D (o)(vi)]. The abatement presently available to
rent-a-cab service would also be made available to radio taxi service, to bring them on par.
This change will come into effect from a date to be notified later, after the Finance (No.2) Bill,
2014 receives the assent of the President.
19. Changes to Mega Exemption – Notification No. 25/2012-ST:-
Exemption extended to clinical research on human participants is being
withdrawn.
Exemption extended to air-conditioned contract carriages like buses is
being withdrawn.
Exemption in respect of services provided to Government or local authority
or governmental authority, will be limited to services by way of water supply,
public health, sanitation conservancy, solid waste management or slum
improvement and upgradation.
Services by RBI, from outside India, in relation to management of foreign
exchange reserves has been exempted.
Tour operator services to a foreign tourist exempt, if the same is provided in
relation to the tour conducted wholly outside India.
20. Changes to Mega Exemption – Notification No. 25/2012-ST:-
Exemption extended so far in respect of renting of immovable property
service received by educational institutions, stands withdrawn.
Service tax exempted on loading, unloading, storage, warehousing and
transportation of cotton, whether ginned or baled.
Goods transport services for transport of organic manure by vessel, rail or
road.
Service provided by life insurance business under all life micro-insurance
schemes approved by the Insurance Regulatory Development Authority,
where sum assured does not exceed INR Insurance Regulatory
Development Authority, where sum assured does not exceed Rs. 50,000/-
Service provided by Employees‟ State Insurance Corporation (ESIC) during
the period prior to 1.7.2012 is proposed to be exempted from service tax.
21. Changes to Mega Exemption – Notification No. 25/2012-ST:-
All services by hotel, inn, guest house, club, campsite for lodging or
residential purposes exempt , wherein the tarriff value is less than Rs. 1000
per day. Earlier, it was linked with renting only.
Any other commercial place, rented out, providing service by way of
accommodation, including dharmashalas or ashram or such other entities
brought within the ambit of service tax. To remove any ambiguity, the word
“commercial” is being omitted. Renting of vacant land or buildings for hotels
would continue to be taxable irrespective of the hotel’s declared tariff.
22. Interest on Late Payment
Extent Of Delay Simple interest rate per
annum
Up to six months 18%
More than six months & up to
one year
18% for first six months, and
24% for the period of delay
beyond six months
More than one year 18% for first six months, 24% for
second six months, and 30% for
the period of delay beyond one
year
23. Interest on Late Payment
Small Scale sector
(Assessee whose taxable turnover doesn’t exceed Rs. 60 Lacs)
Extent Of Delay Simple interest rate per
annum
Up to six months 15%
More than six months & up to
one year
15% for first six months, and
21% for the period of delay
beyond six months
More than one year 15% for first six months, 21% for
second six months, and 27% for
the period of delay beyond one
year
24. E-payment of service tax is being made mandatory with
effect from the 1st Oct 2014.
Relaxation from e-payment may be allowed by the
Deputy Commissioner/Asst. Commissioner on case to
case basis [Notification 09/2014-ST].
E-Payment
25. Service provided by a Director of Company or body corporate to the said
company to be brought under the reverse charge mechanism; service
receiver, who is a body corporate will be the person liable to pay service
tax.
Services provided by Recovery Agents to Banks, Financial Institutions and
NBFC to be brought under the reverse charge mechanism; service receiver
will be the person liable reverse charge mechanism; service receiver will be
the person liable to pay service tax. [Notification 9/2014 -ST and 10/2014-
ST]
Changes to Service Tax Rules
26. Changes to take effect from 1st October, 2014.
Provision for prescribing conditions for determination of place of
provision of repair service carried out on temporarily imported goods
is being omitted. The second proviso to rule 4(a) is being amended
to prescribe that it would suffice for the purpose of exclusion of
repair service from applicability of rule 4(a) that the goods imported
for repair are exported after repair without being put to any use other
than that which is required for such repair. It may please be noted
that this exclusion does not apply to goods that arrive in the taxable
territory in the usual course of business and are subject to repair
while such goods remain in the taxable territory, e.g., any repair
provided in the taxable territory to containers arriving in India in the
course of international trade in goods will be governed by rule 4.
Changes to Place of
Provision of Services Rules
27. The term intermediary will include a person who arranges or
facilitates supply of goods or services such as commission agent or
consignment agent and hence the place of provision of the same
would be the place of the service provider and shall be covered
under rule 9(c ) POP.
The place of provision for services of hiring of aircraft and vessels
(other than yachts) up to a period of one month would be based on
location of recipient (currently, the same is based on location of
service provider).
Changes to Place of
Provision of Services Rules
28. The first Proviso to rule 7 of the Point of Taxation Rules (POTR) is
being amended to provide that point of taxation in respect of
reverse charge will be the payment date or the first day that occurs
immediately after a period of three months from the date of invoice,
whichever is earlier. This amendment will apply only to invoices
issued after 1st October 2014. A transition rule is being prescribed
(new rule 10 of POTR).
Applicable From 01.10.2014
Changes to Point of
Taxation Rules
29. A manufacturer or a service provider shall take credit on inputs and
input services within a period of six months from the date of issue of
invoice, bill or challan w.e.f. 1st September,2014 [ newly inserted
proviso to rule 4 (1) and fifth proviso to rule 4(7) refer]
Under reverse charge mechanism (except in case of partial reverse
charge) Cenvat Credit can be availed on payment of service tax.
The condition to pay invoice value to the service provider has been
dispensed with effective from 11 July 2014.
Cenvat credit reversed on account of non-receipt of export proceeds
can be taken again, if export proceeds are received within one year
from the specified period.
Changes to CENVAT Credit Rules
30. Under goods transport agency service, the condition for non-
availment of Cenvat Credit is required to be satisfied only by the
service provider and not by the service recipient.
Under rent-a-cab operator and tour operator services, Cenvat
Credit would be available in respect of service tax paid by sub-
contractor in the same line of business. (01.10.2014)
Transfer of credit by large taxpayer from one unit to another no
longer permitted (effective from 11 July 2014)
Taxable portion in respect of transport of goods by vessel is being
reduced from 50% to 40%. Effective service tax will decrease from
the present 6.18% to 4.944%, with effect from 1st October, 2014.
Changes to CENVAT Credit Rules
31. In renting of motor vehicle, where the service provider does not take
abatement the portion of service tax payable by the service provider
and service receiver will be modified as 50% each. This change will
come into effect from 1st of October 2014.
In Rule 2A of the Service Tax (Determination of Value) Rules, 2006,
category “B” and “C” of works contracts are proposed to be merged
into one single category, with percentage of service portion as 70%;
this change will come into effect from 1st October, 2014. This
rationalization by way of merger of categories has been made to
avoid disputes of classification between these two categories.
Simplification of Partial Reverse
Charge mechanism
32. Operational Amendments:
The resident private limited company is being included as a class of
persons eligible to make an application for Advance Ruling in service
tax.
As regards services covered under reverse charge, the requirement of
furnishing service tax registration number of service provider shall be
dispensed with.
A service shall be treated as exclusively used for SEZ operations if the
recipient of service is a SEZ unit or developer, invoice is in the name of
such unit/developer and the service is used exclusively for furtherance
of authorized operations in the SEZ.
33. Operational Amendments:
Mandatory Pre- deposit
Appeal with CCE(A) or CESTAT(First stage)------- 7.5% of tax or penalty or both;
Appeal with CESTAT(Second stage)------------------10 % of tax or penalty or both
It is pertinent to note that maximum amount of pre-deposit shall be Rs. 10 crores.
Rate of exchange notified by CBEC shall not be required anymore.
Separate rules shall be framed to serve the purpose
34. BUDGET HIGHLIGHTS PRESENTATION BY :-
M/s Vimal Tandon & Co.
Chartered Accountants
A-107/1, Pal Mohan Plaza, 11/56,
D.B. Gupta Road, Karol Bagh,
New Delhi - 110005
Telefax – 23551056
Tel. 45032501
Mob. 9810221653, 9868171653
website - vimaltandon.com
charteredaccountantindelhi.com
e-mail. - vimaltandon@gmail.com
vtclients@gmail.com